Office of Foreign Assets Control, Treasury.
Final rule.
The Department of the Treasury's Office of Foreign Assets Control (“OFAC”) is amending the Iranian Transactions Regulations to expand the scope of Appendix A to Part 560 to include non-financial as well as financial institutions determined to be owned or controlled by the Government of Iran, and to add to the appendix three non-financial institutions that have been determined to be owned or controlled by the Government of Iran: The National Iranian Oil Company (a.k.a. NIOC), Naftiran Intertrade Company Ltd (a.k.a. NICO), and Naftiran Intertrade Co. (NICO) Sarl.
Assistant Director for Compliance, Outreach & Implementation,
This document and additional information concerning OFAC are available from OFAC's Web site (
The Iranian Transactions Regulations, 31 CFR part 560 (the “ITR”), implement a series of Executive orders that began with Executive Order 12613, which was issued on October 29, 1987, pursuant to authorities including the International Security and Development Cooperation Act of 1985 (22 U.S.C. 2349aa–9). In that Order, after finding,
The ITR implement these Executive orders and prohibit various transactions, including, among others, transactions with the
OFAC is expanding the scope of appendix A today in order to add the National Iranian Oil Company (a.k.a. NIOC), Naftiran Intertrade Company Ltd (a.k.a. NICO), and Naftiran Intertrade Co. (NICO) Sarl to the appendix as entities that are owned or controlled by the Government of Iran within the meaning of §§ 560.304 and 560.313 of the ITR. The ITR prohibit most transactions with any entity, wherever located, that is owned or controlled by the Government of Iran.
It is important to note that Appendix A to Part 560 is not a comprehensive list of entities owned or controlled by the Government of Iran. Even if an entity is not listed in appendix A, if it is owned or controlled by the Government of Iran, U.S. persons are prohibited from engaging in transactions with that entity, in any of its locations worldwide, to the same extent that U.S. persons are prohibited from engaging in transactions
Because the amendment of the ITR involves a foreign affairs function, the provisions of Executive Order 12866 and the Administrative Procedure Act (5 U.S.C. 553) requiring notice of proposed rulemaking, opportunity for public participation, and delay in effective date are inapplicable. Because no notice of proposed rulemaking is required for this rule, the Regulatory Flexibility Act (5 U.S.C. 601–612) does not apply.
The collections of information related to the ITR are contained in 31 CFR part 501 (the “Reporting, Procedures and Penalties Regulations”). Pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3507), those collections of information have been approved by the Office of Management and Budget under control number 1505–0164. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid control number.
Administrative practice and procedure, Banks, Banking, Brokers, Foreign trade, Investments, Loans, Securities, Iran.
3 U.S.C. 301; 18 U.S.C. 2339B, 2332d; 22 U.S.C. 2349aa–9; 31 U.S.C. 321(b); 50 U.S.C. 1601–1651, 1701–1706; Pub. L. 101–410, 104 Stat. 890 (28 U.S.C. 2461 note); Pub. L. 106–387, 114 Stat. 1549; Pub. L. 110–96, 121 Stat. 1011; E.O. 12613, 52 FR 41940, 3 CFR, 1987 Comp., p. 256; E.O. 12957, 60 FR 14615, 3 CFR, 1995 Comp., p. 332; E.O. 12959, 60 FR 24757, 3 CFR, 1995 Comp., p. 356; E.O. 13059, 62 FR 44531, 3 CFR, 1997 Comp., p. 217.
This non-exhaustive appendix lists entities determined by the Office of Foreign Assets Control (“OFAC”) to be